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Tag: Singapore

  • HSBC Plans To Scale Up SME Business in Singapore

    HSBC Plans To Scale Up SME Business in Singapore

    HSBC, which has been present in Singapore since 1877, said it intends to increase its share in its target small-medium-enterprise (SME) market from the current 10 percent to 15 percent by 2021. HSBC classifies SME clients as those with a turnover of $5-$100 million.

    At a high level, we see Singapore as a de facto financial capital for Southeast Asia (ASEAN), as well as an attractive destination for our customers around the world,» said Alex Turner, managing director and head of commercial banking in HSBC.

    To support the growth in SME lending, the bank increased its headcount in business banking by 30 last year. As the SME lending space is highly competitive, HSBC country head of business banking Ng Li Lian said that the bank will tap on its advantages, such as having a dedicated relationship manager for each SME client.

    It also launched the Pioneer program in August last year to target fast-growing SMEs with minimum topline growth of 15 percent, especially those who wish to internationalize. Besides access to skills and capabilities, this 12-month program lets SME leaders have conversations with different teams within HSBC, such as speaking with its alternative finance team on how to raise capital other than through debt.

    For ASEAN to benefit from a wide-scale migration of supply chains into the region, the countries need to first improve on technology, capacity, and regional integration said HSBC Singapore CEO Tony Cripps.

    There has been a widespread sentiment that the supply chains of businesses are starting to shift to Southeast Asia (SEA) en masse, on the back of the trade war and the region’s vitality, but there has been little evidence of that happening, wrote Cripps in a report.

    ASEAN needs to build more visibility and credibility amongst international firms, particularly in their ability to handle and deliver production orders, he added.

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  • Weber opens New Store in Singapore

    Weber opens New Store in Singapore

    Weber Singapore will open a new store at No 4, Sixth Avenue.

    The US-based barbecue brand’s new store will showcase the full range of Weber’s cooking products including gas-, charcoal- and electric-powered grills.

    “Weber aims to create succulent moments that draw family and friends closer together through great food, grilling fun and unforgettable memories,” says Steven Lim, VP and MD for North and Southeast Asia of Weber-Stephen.

    Weber has also launched the first Grill Academy in Singapore and South East Asia at the Joo Chiat Weber Store, adding to more than 100 Grill Academies in the world.

    The academy allows people to get hands-on grill demonstrations and an opportunity to practice with Weber’s gas grills and charcoal grills in a three-hour Weber Essential Course.

    Weber grills are sold in more than 72 countries, including a recent expansion into Asia via India, China, Hong Kong, Korea, Japan and Singapore.

  • Peer-to-peer rental marketplace MyRent launched in Singapore

    Peer-to-peer rental marketplace MyRent launched in Singapore

    Singapore’s first peer-to-peer on-demand rental marketplace MyRent has launched.

    The site allows Singaporeans to rent items including photographic and sporting equipment, seasonal apparel and video games. After a beta trial, it already has more than 2000 registered users with 800 active listings.

    “The idea behind MyRent is to allow users to own experiences instead of things,” said

    Ishwar Dhanuka, MyRent co-founder and CEO.

    “We want to decentralize ownership, and create a win-win for both listers and renters — where the former can earn money by renting what they own and rarely use, while the latter can rent a product without actually having to pay the full amount to use it.”

    With MyRent, customers can rent a piece of equipment without any deposit.

    The platform has built its own app, available for both iOS and Android users.

    According to a study jointly published by Google and Temasek, Singapore’s e-commerce market is valued at more than US$1 billion but is projected to soar to $5.4 billion by 2025.

    Peer-to-peer retail platforms have gained popularity in the industry, with platforms such as MyRent shifting focus towards providing consumers with experience versus the traditional ownership of goods.

    After Singapore, MyRent is eyeing expansion into Malaysia by the end of this year. It is also exploring merchant partnerships to help stores rent out unused inventory and ecosystem partnerships – such as in insurance and logistics.

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  • Stosa Cucine opens first Singaporian store

    Stosa Cucine opens first Singaporian store

    Italian kitchen-design studio Stosa Cucine has opened its first store in Singapore.

    Located at the Apex @ Henderson building, the showroom spans 140sqm, displaying four kitchen models: Aliant, Natural, Infinity, and Aleve, for customers to experience.

    Products on display add a hi-tech touch to the kitchen as well as a functional solution for shelves, baskets and drawers.

    Customers can also get personalized options and design their own Stosa Cucine kitchens.

    The brand says it chose Singapore for its first international store because the city is one of the world’s most cosmopolitan, and an important hub for international trade.

    After Singapore, Stosa Cucine plans to expand into other Asian markets.

  • First Burger & Lobster Store to open in Singapore

    First Burger & Lobster Store to open in Singapore

    Burger & Lobster Singapore will open its first outlet, at Jewel Changi tomorrow.

    The 81-seat Jewel Changi store is the 16th Burger & Lobster’s outlet internationally. Others are in locations including New York, Bangkok, Dubai, Genting Highlands in Malaysia, London and Kuwait City.

    “Singapore is an extremely important market as we see Singaporeans in our outlets particularly in London, Bangkok and Malaysia,” said Riccardo LaMonica, Burger &Lobster’s regional head of operations.

    “There is no immediate plan for another Burger & Lobster Singapore outlet,” he said. “We will have to see how people respond.”

    The new eatery’s menu offers Original Lobster with live lobsters from Nova Scotia, Canada, and Original Roll with tender lobster meat rolls.

    There will be a Singapore twist – items available exclusively at Jewel Changi – such as the Sambal Glazed Lobster, and Chocolate Jewels, a dessert of dark chocolate spheres topped with housemade caramel sauce.

    A bar operates from 9am until midnight daily, offering a selection of cocktails, beer and wine.

  • Free Ice creams at Tiffany Singapore

    Free Ice creams at Tiffany Singapore

    Tiffany Singapore celebrates the launch of Tiffany True collection with Tiffany Blue benches in front of its stores.

    Tiffany Ion Orchard is its first location and other venues include Clifford Square, Ngee Ann City, Gardens by the Bay, Marina Bay Sands, Singapore River and Sentosa Cove.

    Visitors who post a creative photo with any of the benches and include the hashtags #TiffanySingapore #BelieveInLove on their social media will get a free rose ice-cream cone.

    Customized love poems are also available to all visitors.

    Tiffany True is described as “a more modern interpretation of the same ultimate expression of commitment”.

    “Tiffany True is a next-generation symbol of love and commitment, the next chapter into the future,” said Reed Krakoff, Tiffany & Co’s chief artistic officer.

    “It gives people a different choice that’s equally inspired and equally special.”

    Last year, Tiffany & Co partnered with local bakery brand Tiong Bahru Bakery to offer free coffee and croissants outside its Ion Orchard store.

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  • Vinomofo seeks to satisfy Singaporeans

    Vinomofo seeks to satisfy Singaporeans

    Online wine business Vinomofo has appointed its first employee in Singapore, fortifying its growth strategy in the region.

    “We like to build out our community and business in person as much as possible, and Michael’s appointment will help us do that,” Dry said.

    The US is Vinomofo’s next area of expansion. According to Dry, the company is in “advanced discussions” to launch in the region, but he said there is always the possibility Vinomofo will launch in another market first.

    “There are lots of interesting opportunities popping up at the moment, so all I can say is stay tuned,” Dry said.

    Online wine business Vinomofo has appointed its first employee in Singapore, fortifying its growth strategy in the region.

    Michael Parmeter has been appointed general manager of Singapore, and will look after ground operations, strategic growth, merchandise and local area marketing.

    According to Parmeter, his main task is to streamline local operations in the region and be a point of contact on the ground, from talking with locals about what they are drinking, and helping ensure the right wines are sent to Singapore, through to overseeing and handling, storage and final stage of delivery.

    “A major opportunity for the Singaporean market is attributed to the thirst for knowledge in the region,” Parmeter said.

    “We have found our mofos in Singapore are keen to try new varietals and learn about wine in general, which perfectly suits our operation.”

    Vinomofo chief executive and co-founder Justin Dry  said that Singapore is a “great market” for the business, and that Parmeter’s appointment will assist with expanding operations in the region in the near term and getting into the corporate wine sales market, where he has experience.

    “We like to build out our community and business in person as much as possible, and Michael’s appointment will help us do that,” Dry said.

    The US is Vinomofo’s next area of expansion. According to Dry, the company is in “advanced discussions” to launch in the region, but he said there is always the possibility Vinomofo will launch in another market first.

    “There are lots of interesting opportunities popping up at the moment, so all I can say is stay tuned,” Dry said.

  • Shiseido launches art installation at Changi Airport

    Shiseido launches art installation at Changi Airport

    Shiseido Travel Retail has teamed up with Jewel Changi Airport and TeamLab to launch an art installation called Sense. Located at ‘Shiseido Forest Valley’ in the mall, the installation engages the senses through sound, smell, sight, and touch.

    “We know that consumers are now looking for stories and brands that can represent their mission in a manner that resonates with their individual narratives,” said Philippe Lesne, President and CEO of Shiseido Travel Retail.

    “Together with our partners, Jewel Changi Airport and TeamLab, we are excited to unveil this immersive experience to take our consumers and travelers from around the world beyond the realms of traditional retail.”

    The installation transforms as visitors progress further into the forest’s depths, honing their sense of sight as lights dance and flicker.

    Composer and musician Yota Morimoto have created a soundtrack especially for the feature, designed to “reignite visitors’ aural senses along with this sensory exploration” and recreate “the breathing sound” of a natural forest.

    A blend of natural elements, as well as Japanese and Western instruments,  create tones aimed at relieving stress and tension.

    As night falls and the resonating forest by TeamLab comes alive, another musical arrangement takes its place, aimed at creating a sense of balance and harmony.

    The ‘Ultimune’ scent, created by Shiseido’s Dr Tomonori Ueda for the installation is also aimed at relieving stress and creating a calming effect.

    To enhance the experience, visitors can interact with their surroundings, by downloading the Jewel Changi Airport app on iTunes or Google Play to access Shiseido’s Sense app.

    After that, they can conclude the experience by a message on the virtual Shiseido Tree.

    “The collaboration with Shiseido and TeamLab will showcase another facet of the unique Jewel experience that is co-curated with our partnership to delight visitors,” said Hung Jean, CEO of Jewel Changi Airport Devt.

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  • Naiise Iconic store opens at Changi Airport

    Naiise Iconic store opens at Changi Airport

    A Naiise Iconic store has opened at Jewel Changi Airport. Spanning almost 9500sqft across a two-story space, Naiise Iconic store brings new creative brands and ‘experience stations’ to customers.

    The first one is a tea bar run by homegrown tea marketplace Teapasar, which hosts more than 30 tea brands and 100 types of tea. Customers can get their teas roasted on the spot for the freshest possible brew.

    The airport store – a new concept for the homewares-and-gifts retailer – also hosts Naiise’s first cafe, featuring foods and beverages from local brands. At an ‘open-source’ communal pantry, customers can enjoy Joe & Dough, Bettr Barista, superfood juice maker Doki Doki, or breakfasts from Udders.

    There is also a stationery corner, where customers can design their own notebooks, picking out a cover, selecting a combination of papers, then choosing binding rings and elastic bands.

    On the second floor, there is a section for local fashion and beauty brands, ranging ladies’ and kids’ fashion, accessories, fragrances and grooming. Beauty brand Alche{me} has a mini lab there to help customers find products that work for their unique skin types.

    To support local entrepreneurs, the store introduces Launchpad, an area where brands can display their products and ideas to test customer demand and perception.

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  • ViewQwest to offer services over TM’s HSBB network

    ViewQwest to offer services over TM’s HSBB network

    Singapore-based fiber operator ViewQwest is expanding its footprint in Malaysia through a new partnership with Telekom Malaysia.

    ViewQwest, which currently has its own fiber network in parts of the Klang Valley and Johor, plans to use Telekom Malaysia’s HSBB network to significantly enhance its availability.

    Through the network reselling agreement, ViewQwest will offer services anywhere Telekom Malaysia offers its Unifi fiber service.

    According to the report, ViewQwest plans to introduce new broadband plans under the agreement in June or July. Speed and pricing will depend on available bandwidth and last mile infrastructure.

    The company will bundle Mesh WiFi products to new subscribers to ensure optimal Wi-Fi experiences, as well as value-added services including a geoblock circumventing Freedom DNS service.

    ViewQwest has revealed it is open to pursuing more joint ventures, acquisitions or network sharing partnerships aimed at allowing it to continue expanding in Malaysia.

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  • Chicha San Chen opens in Singapore

    Chicha San Chen opens in Singapore

    Taiwanese bubble-tea chain Chicha San Chen has opened its first outlet in Singapore.

    Located in 313@Somerset, the flagship store has modern design with an open kitchen.

    Customers can make their own tea and watch as it brews in a Teapresso machine.

    They can choose from milk-tea, fruit-tea or pure-tea bases including Green Tea, Osmanthus Oolong Tea, High Mountain Pouchong Tea, Black Tea, Dong Ding Oolong Tea and Cassia Black Tea.

    The store also features a tea appreciation counter where tea connoisseurs can learn more about teas and sample the special Taiwanese Lishan Qingxin Oolong Tea.

    Established in Taichung 20 years ago, Chicha now has more than 200 stores in Taiwan and China.

    Chicha has its own tea plantations in Taiwan, where they harvest their tea leaves and other ingredients.

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  • Board-game creator Cmon to open Singapore Store

    Board-game creator Cmon to open Singapore Store

    Board-game creator Cool Mini or Not – best known as Cmon – is opening a flagship store in Singapore this Saturday.

    Located on Henderson Road, the store will bring the latest board games such as Game of Thrones-inspired A Song of Ice & Fire Miniatures Game, arena-style zombie-survival game Zombicide, the Japanese mythical fantasy game Rising Sun.

    There will be a tour of the premises, a special board game auction with a chance to win some of the available games on opening day.

    The auction will feature a wide selection of board games.

    Customers can also join a small-scale competition based on the Potion Explosion game.

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  • Rapyd Hires Senior Execs From PayPal Singapore

    Rapyd Hires Senior Execs From PayPal Singapore

    Strategic hires follow the digital payments firm’s $40-million series B funding round in February. Silicon Valley-based fintech-as-a-service platform Rapyd has hired Richard Oh as its APAC Senior Director of Network Management and Larry Lee as Senior Director of Network Growth and Optimization, the firm announced in a statement.

    Oh and Lee, who have four decades of experience in the industry between them, join from PayPal. Both will be based in Singapore, where they will support the firm’s strategy to expand operations and infrastructure in Asia Pacific.

    Richard and Larry join Rapyd at an inflection point of our global growth, and their expertise will be essential as we build out the Rapyd Global Payment Network,» said Joel Yarbrough, Rapyd’s VP, Asia Pacific.

    Rapyd bundles a range of digital payments-related services for businesses, including funds collection, funds payouts, currency transfers, ID verification and card issuing.

    The hires come some three months after the announcement of the firm’s successful $40-million series B funding round led by payments giant Stripe and General Catalyst, one of Stripe’s biggest backers. This brings the total amount raised by Rapyd, which was founded by Arik Shtilman in 2015 and started business in 2017, to $60 million.

    In Wednesday’s statement, Rapyd said it plans to significantly expand its network capabilities and use cases in 2019 and 2020, extending its disbursement, compliance, foreign exchange management, and issuing solutions.

    Oh was responsible for building the backbone of the payment of PayPal’s business, expanding its payment and disbursement capabilities across Asia Pacific, Latin America, and the emerging markets. He also worked for eBay, where he was part of the company’s core payments and partnerships team.

    Lee also joins Rapyd after working at PayPal and eBay, where he held key responsibilities including geographic expansion, cross border trade, partnerships, regulatory licensing, financial operations, and corporate structure and governance. He was most recently director of International Licensing at PayPal, where he helped develop market entry strategies and was responsible for a portfolio of payments and e-money licenses for the international business.

    In Singapore, Rapyd has partnered OCBC Bank to enable real-time bank payments for local consumers and online retailers. The partnership leverages PayNow, Singapore’s national peer-to-peer funds transfer service, to allow the bank’s customers to make real-time bank transfers using the OCBC Pay Anyone app.

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  • DBS Partners With Edutech Company To Enhance App

    DBS Partners With Edutech Company To Enhance App

    DBS has partnered with a local edutech to enhance its app-based management system with real-time payment features. Over 160,000 parents in Singapore will soon be able to purchase uniforms, pay for field trips and sign up for extra-curricular classes for their pre-school children through a mobile payment platform gateway developed by DBS. The bank has partnered with EduTech company, LittleLives, to enhance its app-based pre-school management system with real-time payment features.

    By building payments capabilities into the app, we have made banking invisible and seamless so pre-school operators can channel their energy and resources back into building their business, said Joyce Tee, Group Head of SME Banking at DBS Bank at the official launch of the app on Thursday, with Minister for Education Ong Ye Kung as the Guest of Honour.

    In Singapore, the early childhood education sector is still dependent on cash despite school fees being paid via GIRO or Child Development Accounts (CDA). For example, when paying for excursions, school uniforms or learning resources, parents often make payments using cash or cheques and the school then makes arrangements to pay third-party vendors.

    Eliminating these payment pain points is the first step in digitalizing payments in the early childhood education sector, DBS said. With payment functions built into the LittleLives app, pre-school operators can save up to 40 manhours per month on administrative tasks such as payments reconciliation, allowing them more time to engage with parents and their children.

    Used by over 750 pre-schools in Singapore, the Little Lives app can now enable pre-schools to generate invoices and parents to make payments through PayNow and DBS PayLah!. Receipts will be generated automatically after payments are made. With access to real-time payment reports such as daily settlement and auto-reconciliation, pre-schools can better manage their finances more accurately and securely.

    Many young parents are time-strapped and juggling multiple responsibilities at work and at home. By enabling parents to conduct payments on the go, quickly and safely, they have more time to nurture and care for their children, said Sun Ho, founder of LittleLives.

    DBS and LittleLives have plans to roll out this payments gateway to other markets such as Brunei, Cambodia, China, Malaysia, and Vietnam, by tapping on its the bank’s own API-enabled solution.

     

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  • OCBC Eases Digital Onboarding With Instant Approvals

    OCBC Eases Digital Onboarding With Instant Approvals

    The bank’s consumer banking products can now be applied for, approved and used instantly. OCBC Bank is making getting a card or loan more accessible and convenient by enabling digital applications and instant approval and use of its key consumer banking products. The bank said that by leveraging national data repository MyInfo as well as its own real-time digital KYC and credit assessment systems, it can offer customers bank cards, OCBC ExtraCash personal loans, and OCBC EasiCredit lines instantly.

    This is a natural progression of our pursuit of the new digital – to provide instant, embedded and frictionless access to all our products and services for the convenience of customers, enabling them to start a banking relationship with us seamlessly and instantly, Dennis Tan, OCBC Bank’s Head of Consumer Financial Services Singapore, said in a statement.

    He added that the bank would extend instant approval to secured lending products such as home and car loans in the near future.

    This is the latest in a series of digital innovations OCBC Bank, Singapore’s longest-established bank, has rolled out to enable instant, hassle-free and secure access to its core products. According to the bank, OCBC 360 accounts have grown three-fold since digital applications and instant approvals were allowed for bank accounts in June 2018, with one in three OCBC 360 accounts now acquired digitally.

    I expect that one in every two OCBC Bank customers to be on-boarded digitally by 2020, Tan said.

    To apply for a banking product, one should select the «Use MyInfo» option, log in using SingPass and allow OCBC to retrieve personal details, such as proof of income and home address. There is no need to submit any additional documentation – the customer only needs to review the pre-filled fields of the application form and submit it for instant approval.

    According to the bank, its agents acquire the majority of their customers at public roadshows, so digitalizing card applications is crucial in alleviating customer pain points, which include the hassle of paper applications, waiting days for approval and receiving the physical card.

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